Rivian impressed Wall Street with its plans for AI and automation, but significant challenges involving demand and capital remain for the EV maker.

Key Takeaways Rivian stock jumped Friday, a day after the electric vehicle maker made a number of self-driving and AI-related announcements.The move higher came even as worries about an AI bubble weighed on other stocks exposed to the technology.

Rivian's AI and Autonomy Day had exciting updates, like new in-house tech, an AI assistant, the addition of LiDAR, and a unique R2.

Investment bank Needham lifted its price target on Rivian's stock to $23 per share following these announcements. "RIVN signaled a shift from an [automaker] adopting autonomy to one leveraging AI to build end-to-end autonomy," Needham analyst Chris Pierce said.

Rivian Automotive (NASDAQ:RIVN) held its first Autonomy and AI Day conference yesterday, unveiling its inaugural in-house AI chip, the Rivian Autonomy Processor (RAP1). This custom silicon, a 5-nanometer chip with 1,

Shares of Rivian Automotive surged 18% on Friday as analysts issued bullish commentary on the electric pickup truck and SUV maker's efforts to develop a custom chip for self-driving features and its integration of artificial intelligence.

Newsweek sat down with Rivian CEO RJ Scaringe immediately after he announced major technology plans for the company.

EV maker Rivian is holding its inaugural autonomy and AI day in the Bay Area today, and Engadget’s senior reporter Karissa Bell will be attending and reporting from the event live. The EV company is widely expected to make announcements around autonomous driving and AI technologies, alongside updates to its in-cabin features and experiences.

The electric-vehicle maker is hosting its first-ever “Autonomy and AI Day.”

And when it does, the AI assistant will roll out to every existing EV in its lineup, not just the next-generation versions of its R1T truck and R1S SUV.

Rivian has big ambitions, including point-to-point driverless rides and an AI assistant. Watch the livestream here.

Shares of Rivian Automotive advanced on the electric-vehicle manufacturer's plan to roll out new autonomous driving features powered by artificial intelligence. The stock was up 15% to $18.92 after hitting a 52-week high of $19.60 earlier in the Friday session. Shares are up 45% this year.